Lipocine Inc. is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.
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Third-party market data · may be delayed
Not valued: the figures our models need are missing or failed our data-quality checks.
No model value: free cash flow after stock pay is not positive. How we value companies.
Lipocine Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Lipocine has little or no product revenue yet; it used $11m of cash in the twelve months to June 2026. The diluted share count is up 25.2% on a year earlier, which dilutes existing holders. It passes 2 of our 2 financial-health checks.
Our models give no value for Lipocine at present, so past values are not shown.
Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Lipocine Inc.'s trailing-twelve-month revenue fell 62.7% year on year, with a free-cash-flow margin of -713.0%. Where it lags: revenue growth of -62.7% ranks 71 of 74 pharmaceuticals companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 124.4% while net income fell 162.9%: a 39pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
We value Lipocine Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.7 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: revenue and margins don't support a positive value |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no positive earnings in the latest twelve months |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | — 0 | Does not apply: no positive value |
| Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | — | No model applies: the filings don’t yet support a value. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Lipocine Inc. with Pharmaceuticals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Now |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Share price | $62.56 | $58.48 | $22.10 | $6.54 | $23.12 | $16.85 | $6.77 | $2.79 | $4.88 | $8.03 | $1.45 |
| Market value | $67m | $69m | $28m | $10m | $76m | $87m | $36m | $15m | $26m | $46m | $10m |
| + Net debt (− = net cash) | −$6m | −$3m | $2m | −$3m | −$14m | −$639727 | −$3m | −$5m | −$6m | −$5m | −$5m |
| Enterprise value | $62m | $66m | $30m | $7m | $62m | $86m | $32m | $10m | $20m | $41m | $5m |
| Multiples | |||||||||||
| Price / sales | — | — | 64.9x | 60.4x | — | 5.4x | 71.1x | — | 2.4x | 23.2x | 6.3x |
| Price / earnings | — | — | — | — | — | — | — | — | n/m | — | — |
| Price / free cash flow | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | 27.4x | — | — | — | — | — |
Weak moat
How hard Lipocine's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median -45.0% of total assets over 10 years.
Operating margin has been a median -800.8%; its worst year was -25012.6%.
The diluted share count rose 214.6% over five years; stock-based pay has been a median 14.6% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (17 before it).
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$1.54 | +13% | $631250 | −68% |
| Next | −$1.34 | +13% | $745000 | +18% |
The consensus EPS forecast for the current fiscal year is −18.7% on 90 days ago. In the last 30 days, 0 analysts raised Lipocine Inc.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$1.90 | −$1.65 |
| 60 days ago | −$1.90 | −$1.65 |
| 30 days ago | −$1.55 | −$1.65 |
| 7 days ago | −$1.55 | −$1.65 |
| Now | −$1.54 | −$1.34 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.40 | −$0.32 | +20.0% |
| Mar 2026 | −$0.48 | −$0.54 | −11.3% |
| Dec 2025 | −$0.61 | −$0.42 | +31.1% |
| Sept 2025 | −$0.54 | −$0.59 | −9.3% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months −45.5%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $4m | $2m | −62.7% |
| P/S multiple | 3.4x | 6.3x | +82.9% |
| Share count | 5m | 7m | −20.1% |
Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.
Last 3 years −43.8%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $54990 | $2m | +2754.1% |
| P/S multiple | n/m | 6.3x | −97.5% |
| Share count | 5m | 7m | −22.7% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| LPCN | −27% | −60% | −59% | +75% | +65% | −82% |
| Industry peers (median) | −18% | −49% | −13% | −2% | +7% | −12% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| LPCN | 25% | 33% | 33% | 58% | 50% | 46% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| LPCN | −57% | −80% | −76% | −67% | −52% | −87% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 99% from November 16, 2015 to October 23, 2026. Getting back needed a 16876% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 4, 2026 | +2.8% | +1.6% | −0.9% | +11.6% |
| May 7, 2026 | −2.5% | +0.5% | −4.1% | −16.0% |
| March 10, 2026 | +14.1% | −0.3% | −2.7% | −73.5% |
| February 18, 2026 | −0.8% | +0.2% | +0.3% | −22.6% |
| November 6, 2025 | −0.8% | −1.0% | +10.2% | +27.7% |
| August 5, 2025 | −3.5% | +0.3% | −5.1% | −7.7% |
| March 7, 2024 | +0.8% | +0.4% | +31.0% | +46.9% |
| January 25, 2021 | −11.2% | +0.2% | −23.3% | −26.5% |
| November 8, 2017 | +2.3% | −0.2% | +4.2% | +0.6% |
| August 7, 2017 | +2.3% | −0.1% | −2.3% | −14.0% |
| May 8, 2017 | −4.1% | −0.1% | −9.4% | −14.2% |
| March 6, 2017 | −2.5% | −0.6% | +11.3% | −6.5% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | -$3.1M |
| FY23 Q4 | -$2.9M |
| FY24 Q1 | $4.7M |
| FY24 Q2 | $4.8M |
| FY24 Q3 | $7.9M |
| FY24 Q4 | $11.2M |
| FY25 Q1 | $3.7M |
| FY25 Q2 | $4.2M |
| FY25 Q3 | $4.3M |
| FY25 Q4 | $2M |
| FY26 Q1 | $2M |
| FY26 Q2 | $1.6M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY19 Q1 | -100.0% |
| FY19 Q2 | -100.0% |
| FY19 Q3 | -61.5% |
| FY19 Q4 | -61.5% |
| FY24 Q1 | 748.9% |
| FY24 Q2 | 8630.6% |
| FY25 Q1 | -22.0% |
| FY25 Q2 | -12.3% |
| FY25 Q3 | -45.4% |
| FY25 Q4 | -82.3% |
| FY26 Q1 | -45.5% |
| FY26 Q2 | -62.7% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | 583.6% |
| FY23 Q4 | 629.0% |
| FY24 Q1 | -220.1% |
| FY24 Q2 | -202.2% |
| FY24 Q3 | -66.8% |
| FY24 Q4 | -10.3% |
| FY25 Q1 | -176.0% |
| FY25 Q2 | -132.6% |
| FY25 Q3 | -146.0% |
| FY25 Q4 | -524.7% |
| FY26 Q1 | -605.9% |
| FY26 Q2 | -800.8% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | 384.2% |
| FY23 Q4 | 416.7% |
| FY24 Q1 | -117.4% |
| FY24 Q2 | -98.3% |
| FY24 Q3 | -62.4% |
| FY24 Q4 | -10.9% |
| FY25 Q1 | -152.3% |
| FY25 Q2 | -118.5% |
| FY25 Q3 | -118.9% |
| FY25 Q4 | -493.8% |
| FY26 Q1 | -501.9% |
| FY26 Q2 | -713.0% |
| Fiscal year | 2012 Dec 2012 | 2013 Dec 2013 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||||
| Revenue | 8 | 0 | 0 | 0 | 0 | 0 | 0 | 16 | 1 | −3 | 11 | 2 | 2 |
| EBITDA | 4 | −11 | −19 | −21 | −11 | −13 | −18 | 3 | −12 | −18 | −1 | −10 | −13 |
| Operating income | 4 | −11 | −19 | −21 | −11 | −13 | −18 | 3 | −12 | −18 | −1 | −10 | −13 |
| Net income | 4 | −11 | −19 | −21 | −12 | −13 | −21 | −1 | −11 | −16 | 0 | −10 | −12 |
| Diluted EPS | $14.45 | −$24.48 | −$1.04 | −$1.05 | −$0.55 | −$0.50 | −$0.38 | −$0.01 | −$2.15 | −$3.14 | — | −$1.69 | −$1.75 |
| Growth (year on year) | |||||||||||||
| Revenue | — | −100.0% | — | — | — | −61.5% | −100.0% | — | −96.9% | −670.2% | — | −82.3% | −62.7% |
| EBITDA | — | −372.0% | — | — | — | — | — | — | −484.9% | — | — | — | — |
| Operating income | — | −375.5% | — | — | — | — | — | — | −485.3% | — | — | — | — |
| Net income | — | −372.5% | — | — | — | — | — | — | — | — | — | — | — |
| Diluted EPS | — | −269.4% | — | — | — | — | — | — | — | — | — | — | — |
| Margins | |||||||||||||
| EBITDA margin | 50.8% | — | — | — | <−999% | <−999% | — | 19.5% | <−999% | 628.0% | −9.9% | −521.6% | −797.1% |
| Operating margin | 50.3% | — | — | — | <−999% | <−999% | — | 19.5% | <−999% | 629.0% | −10.3% | −524.7% | −800.8% |
| Net margin | 50.4% | — | — | — | <−999% | <−999% | — | −3.9% | <−999% | 573.6% | 0.1% | −487.1% | −755.1% |
| Free-cash-flow margin | −41.4% | — | — | — | <−999% | — | — | −27.4% | <−999% | 416.7% | −11.7% | −493.8% | −713.0% |
| Cash flow | |||||||||||||
| Cash from operations | −3 | −9 | −18 | −17 | −12 | −12 | −15 | −4 | −12 | −12 | −1 | −10 | −11 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | — | — | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −3 | −9 | −18 | −17 | −12 | — | — | −4 | −12 | −12 | −1 | −10 | −11 |
| Stock-based pay | 0 | 1 | 2 | 3 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
| Free cash flow after stock pay | −3 | −10 | −21 | −19 | −14 | — | — | −5 | −13 | −13 | −2 | −10 | −11 |
| Balance sheet | |||||||||||||
| Cash | 5 | 45 | 6 | 3 | 8 | 10 | 19 | 3 | 3 | 5 | 6 | 5 | 5 |
| Total debt | 0 | 0 | 0 | 0 | 10 | 7 | 6 | 2 | — | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −5 | −45 | −6 | −3 | 2 | −3 | −14 | −1 | −3 | −5 | −6 | −5 | −5 |
| Diluted shares | — | — | 1m | 1m | 1m | 2m | 3m | 5m | 5m | 5m | 5m | 6m | 7m |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 0 | 3,491 | 94 | 623 | 115 | 1,145 | 119 | 190 |
| EBITDA | −2,622 | 1,561 | −2,075 | −2,388 | −3,347 | −2,501 | −3,835 | −2,828 |
| Operating income | −2,630 | 1,545 | −2,090 | −2,404 | −3,361 | −2,516 | −3,849 | −2,842 |
| Net income | −2,219 | 1,782 | −1,865 | −2,206 | −3,187 | −2,370 | −3,672 | −2,623 |
| Diluted EPS | −$0.44 | — | −$0.35 | −$0.41 | −$0.59 | −$0.34 | −$0.54 | −$0.32 |
| Growth (year on year) | ||||||||
| Revenue | — | +>999% | −98.8% | +595.4% | — | −67.2% | +27.2% | −69.5% |
| EBITDA | — | — | −164.2% | — | — | −260.2% | — | — |
| Operating income | — | — | −164.9% | — | — | −262.8% | — | — |
| Net income | — | — | −153.1% | — | — | −233.0% | — | — |
| Diluted EPS | — | — | −153.0% | — | — | — | — | — |
| Margins | ||||||||
| EBITDA margin | — | 44.7% | <−999% | −383.4% | <−999% | −218.3% | <−999% | <−999% |
| Operating margin | — | 44.3% | <−999% | −386.0% | <−999% | −219.6% | <−999% | <−999% |
| Net margin | — | 51.0% | <−999% | −354.1% | <−999% | −206.9% | <−999% | <−999% |
| Free-cash-flow margin | — | 48.5% | — | −302.8% | <−999% | −254.9% | <−999% | <−999% |
| Cash flow | ||||||||
| Cash from operations | −2,833 | 1,702 | −1,969 | −1,886 | −2,986 | −2,920 | −2,257 | −3,028 |
| Capital spending | — | 10 | — | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | — | 1,692 | — | −1,886 | −2,986 | −2,920 | −2,257 | −3,028 |
| Stock-based pay | 108 | 99 | 71 | 65 | 53 | 53 | 65 | 58 |
| Free cash flow after stock pay | — | 1,593 | — | −1,951 | −3,039 | −2,973 | −2,323 | −3,087 |
| Last 12 months unless stated | LPCN | NTRB | SXTC | SXTP | EYPT | SCNX | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $2m | $2m | $1m | $1m | $3m | $821315 | $276m |
| Revenue growth, last 12 months | −62.7% | −37.3% | −34.6% | 73.2% | −94.6% | 540.6% | 9.9% |
| Revenue growth, 3-year average | 205.6% | −10.8% | — | 74.9% | −57.9% | −58.5% | 5.5% |
| Revenue growth, latest quarter | −69.5% | −29.7% | — | 106.0% | −90.5% | 449.1% | 6.5% |
| Gross margin | — | 33.1% | 21.9% | 19.4% | — | 87.7% | 62.0% |
| Operating margin | −800.8% | −435.6% | −625.9% | −774.9% | <−999% | <−999% | −5.9% |
| Operating margin, 3-year average | −378.5% | −396.6% | −267.4% | <−999% | <−999% | <−999% | −7.4% |
| Net margin | −755.1% | −430.4% | −545.2% | −729.9% | <−999% | <−999% | −7.3% |
| Cash from operations / revenue | −713.0% | −224.5% | −353.0% | −789.8% | <−999% | <−999% | 10.2% |
| Free-cash-flow margin | −713.0% | −224.5% | −353.0% | −800.6% | <−999% | <−999% | 8.6% |
| Free-cash-flow margin, 3-year average | −309.9% | −217.5% | −126.6% | — | <−999% | <−999% | 7.4% |
| Stock pay / revenue | 14.6% | 65.9% | 466.2% | 37.2% | >999% | 257.1% | 3.6% |
| Change in share count | 25.2% | 8.9% | >999% | — | 4.2% | 2.1% | 1.9% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -62.7% | 10.0% | 71 of 74 |
| Change in growth rate Growth | -17.2pp | -0.3pp | 64 of 74 |
| Operating margin Profitability | -800.8% | -5.9% | 61 of 67 |
| Net margin Profitability | -755.1% | -7.3% | 70 of 75 |
| Free-cash-flow margin Cash generation | -713.0% | 10.1% | 68 of 74 |
| Stock pay as % of revenue Cash generation | 14.6% | 3.6% | 59 of 69 |
| Change in share count Balance sheet | 25.2% | 1.5% | 55 of 62 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Licenses | $1.5M | 75.9% | ▼ 86.2% |
| Royalty | $476,677 | 24.1% | ▲ 59.9% |
From Lipocine Inc.'s 10-K filed March 10, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Squadron Capital Management LLC | $2.1M | 810K | 27.2% | ▲ 80.0% |
| Ikarian Capital, LLC | $1.3M | 509K | 17.1% | 0.0% |
| Eversept Partners, LP | $755,172 | 295K | 9.9% | 0.0% |
| Vanguard Capital Management LLC | $590,907 | 231K | 7.7% | ▲ 15.0% |
| Acadian Asset Management LLC | $435,000 | 170K | 5.7% | New |
| Boothbay Fund Management, LLC | $359,647 | 140K | 4.7% | 0.0% |
| Jane Street Group, LLC | $243,781 | 95K | 3.2% | ▲ 375.5% |
| Blackrock, Inc. | $228,536 | 89K | 3.0% | 0.0% |
| Two Sigma Investments, LP | $217,311 | 85K | 2.8% | ▲ 151.5% |
| Citadel Advisors LLC | $207,926 | 81K | 2.7% | ▲ 179.2% |
| Seven Fleet Capital Management LP | $201,836 | 79K | 2.6% | ▼ 36.9% |
| Geode Capital Management, LLC | $190,761 | 74K | 2.5% | ▲ 18.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Lipocine Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Higuchi John W. Director | September 30, 2026 | Buy | 15,970 | $2.23 | $35,613 |
| Higuchi John W. Director | September 29, 2026 | Buy | 9,037 | $2.15 | $19,430 |
| Higuchi John W. Director | September 28, 2026 | Buy | 12,561 | $2.16 | $27,132 |
| Higuchi John W. Director | April 7, 2026 | Buy | 40,000 | $2.03 | $81,200 |
| Patel Mahesh V. Chief Executive Officer | April 6, 2026 | Buy | 25,000 | $2.03 | $50,750 |
| Higuchi John W. Director | April 6, 2026 | Buy | 123,000 | $2.05 | $252,150 |
| Patel Mahesh V. Chief Executive Officer | April 2, 2026 | Buy | 25,000 | $2.02 | $50,500 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 10, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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